"Security researchers say they've developed a way to partially crack the Wi-Fi Protected Access (WPA) encryption standard used to protect data on many wireless networks.
...
To do this, Tews and his co-researcher Martin Beck found a way to break the Temporal Key Integrity Protocol (TKIP) key, used by WPA, in a relatively short amount of time: 12 to 15 minutes"

Note that this doesn't break WPA as a whole. Just disable TKIP on your router / put it in AES-only mode. TKIP has always been considered less secure, it's just there for compatibility with old, WEP-only devices.